Setback to Vijay Mallya as High Court dismisses his petition
Bengaluru, Oct 07: In a setback to Vijay Mallya, the Karnataka High Court on Friday rejected petitions filed by him questioning rejection of his plea by the Debt Recovery Appellate Tribunal (DRAT) and upheld the decision of the DRAT asking Mallya to pre-deposit Rs. 3,101 crore to entertain his appeal against the order of the Debt Recovery Tribunal(DRT).
Division Bench comprising Chief Justice Dinesh Maheshwari and Justice Krishna S. Dixit held that Mr. Mallya and his United Breweries (Holding) Ltd. are jointly and severally liable, as guarantors, to pay the loan amount of Rs. 6,203 crore borrowed by Kingfisher Airlines Limited (KAL).
Mallya had filed an appeal before the DRAT against DRT’s January 19, 2017 order of permitting consortium of banks, led by the State bank of India, to recover the loan amount, payable by the KAL, from its guarantors along with an interest at the rate of 11.5 % per annum on the dues with yearly rests from the date of the application till the date of completion of realization.
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Drug peddler's property worth Rs 1 crore attached in Srinagar
Srinagar (PTI): Property worth Rs 1 crore belonging to a notorious drug peddler was on Saturday attached in Jammu and Kashmir's Srinagar, police said.
A double-storey house on eight marlas of land situated at Wantpora Eidgah, belonging to Basit Bilal Dar, a notorious drug peddler, valued at approximately Rs 1 crore, a police spokesperson said.
He said Dar is involved in two cases registered under various sections of the NDPS Act.
During investigation, it was established that the accused had acquired the said property through illicit proceeds generated from drug trafficking activities, the spokesperson said.
Consequently, the property was attached under the provisions of the NDPS Act. The attachment proceedings were conducted in the presence of the two independent witnesses, strictly in accordance with the prescribed legal procedures, he said.
As per the attachment order, the owner has been restrained from selling, leasing, transferring, altering, or creating any third-party interest in the property till further orders, the spokesperson added.
